71 OG No. 33, 5208 (August 18, 1975)

[ PRESIDENTIAL DECREE NO. 747, July 15, 1975 ]

PROVIDING FOR THE CONVERSION OF THE LONG-TERM OBLIGATIONS OF THE NATIONAL DEVELOPMENT COMPANY WITH THE NATIONAL TREASURY AS ADDITIONAL SUBSCRIPTION OF THE NATIONAL GOVERNMENT TO THE INCREASED CAPITALIZATION OF THE NATIONAL DEVELOPMENT COMPANY AS PROVIDED FOR UNDER PRESIDENTIAL DECREE NO. 668.

WHEREAS, the National Development Company, by virtue of
Commonwealth Act No. 182, as amended by Commonwealth Act No. 311, has
been created as the implementing agency of the government in its
economic policies with an authorized capital stock of fifty million
pesos;

WHEREAS, of the authorized capital stock of fifty million
pesos, twenty-nine million pesos, more or less, have been subscribed and
fully paid by the National Government;

WHEREAS, as a result of the unsubscribed capital of P21
million, the National Development Company has incurred a long term
obligation with the National Treasury amounting to P18 million, more or
less, which was utilized by the former in the rehabilitation of its
projects after the last World War;

WHEREAS, in the implementation of Republic Act 1407, the
National Government released to the National Development Company bond
funds amounting to P130 million, more or less, which was used to
purchase and acquire twelve (12) ocean-going vessels;

WHEREAS, by virtue of the extension of the corporate life of
the National Development Company for another period of 25 years from
June 5, 1976 under Presidential Decree No. 668 dated March 7, 1975, the
National Development Company, as principal Instrumentality of the
Government in the furtherance of its economic policies in addition to
its existing powers and duties, is further authorized to acquire, hold,
develop, and dispose of all lands acquired by the Americans under the
Parity Agreement before the termination of their rights to acquire such
lands; and

WHEREAS, under said Presidential Decree, in order to insure
the economic development of the country, it was decreed that the
authorized capital of the National Development Company be increased to
Two Hundred Million Pesos, the amount to be subscribed by the National
Government to carry out the purposes and objectives for which it was
created as the implementing arm of the Government in the furtherance of
its economic policies;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution,
in order to insure the implementation of the economic policies of the
government, do hereby decree and order that all the outstanding
obligations of the NDC from bond funds in the total amount of
approximately P148 million, more or less, utilized in the rehabilitation
of its projects after World War II and in the acquisition of vessels
under Republic Act 1407 exclusive of interest, shall be considered and
converted as the subscription of the National Government in the National
Development Company and shall form part of the Two Hundred Million
Pesos capitalization in the implementation of Presidential Decree No.
668.

There is hereby appropriated out of any funds in the National
Treasury not otherwise appropriated, such sums as may be necessary to
pay for the remaining balance of the shares of stock of the National
Development Company to be further subscribed by the Government to
complete the P200 million authorized capital stock of the Corporation.

All laws, decrees, orders, rules and regulations, policies, programs,
or parts thereof, which are inconsistent with any provision of this
Decree, are hereby repealed or modified accordingly.

This Decree
shall take effect immediately.

Done in the City of Manila, this 15th day of July, in the year
of Our Lord, nineteen hundred and seventy-five.

Source: Supreme Court E-Library